Warren Buffett's 1968 annual letter, capping his best year ever — up 58.8% against the Dow's 7.7%, a result he waves off as "a freak, like picking up thirteen spades in a bridge game." He skewers the era's collapsing "go-go" funds and the mania for minute-by-minute money management, breaks down where the year's gains came from across his four categories, and delivers the line "Price is what you pay; value is what you get" while updating his controlled companies Berkshire Hathaway and Diversified Retailing. He warns that good ideas are now at an all-time low, and closes with a nostalgic look back at the partnership's twelve-year rise from $105,000 to over $104 million.
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